{"title":"R&D、企业异质性与产业演化的结构实证模型*","authors":"Yanyou Chen, Daniel Yi Xu","doi":"10.1111/joie.12327","DOIUrl":null,"url":null,"abstract":"<p>This article develops and estimates an industry equilibrium model of the Korean electric motor industry from 1991 to 1996. Plant-level decisions on R&D, physical capital investment, entry, and exit are integrated in a dynamic setting with knowledge spillovers. We apply the novel approximation of oblivious equilibrium to estimate the R&D cost, magnitude of knowledge spillovers, adjustment costs of physical investment, and plant scrap value distribution. Knowledge spillovers are essential to explaining the firm-level productivity evolution and the equilibrium market configuration. A <math>\n <semantics>\n <mrow>\n <mn>15</mn>\n <mo>%</mo>\n </mrow>\n <annotation>$$ 15\\% $$</annotation>\n </semantics></math> R&D subsidy maximizes industry output and is broadly consistent with a past policy initiative of the Korean government.</p>","PeriodicalId":47963,"journal":{"name":"Journal of Industrial Economics","volume":"71 2","pages":"323-353"},"PeriodicalIF":1.7000,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"8","resultStr":"{\"title\":\"A Structural Empirical Model of R&D, Firm Heterogeneity, and Industry Evolution*\",\"authors\":\"Yanyou Chen, Daniel Yi Xu\",\"doi\":\"10.1111/joie.12327\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This article develops and estimates an industry equilibrium model of the Korean electric motor industry from 1991 to 1996. Plant-level decisions on R&D, physical capital investment, entry, and exit are integrated in a dynamic setting with knowledge spillovers. We apply the novel approximation of oblivious equilibrium to estimate the R&D cost, magnitude of knowledge spillovers, adjustment costs of physical investment, and plant scrap value distribution. Knowledge spillovers are essential to explaining the firm-level productivity evolution and the equilibrium market configuration. A <math>\\n <semantics>\\n <mrow>\\n <mn>15</mn>\\n <mo>%</mo>\\n </mrow>\\n <annotation>$$ 15\\\\% $$</annotation>\\n </semantics></math> R&D subsidy maximizes industry output and is broadly consistent with a past policy initiative of the Korean government.</p>\",\"PeriodicalId\":47963,\"journal\":{\"name\":\"Journal of Industrial Economics\",\"volume\":\"71 2\",\"pages\":\"323-353\"},\"PeriodicalIF\":1.7000,\"publicationDate\":\"2023-07-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"8\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Industrial Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/joie.12327\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Industrial Economics","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/joie.12327","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
A Structural Empirical Model of R&D, Firm Heterogeneity, and Industry Evolution*
This article develops and estimates an industry equilibrium model of the Korean electric motor industry from 1991 to 1996. Plant-level decisions on R&D, physical capital investment, entry, and exit are integrated in a dynamic setting with knowledge spillovers. We apply the novel approximation of oblivious equilibrium to estimate the R&D cost, magnitude of knowledge spillovers, adjustment costs of physical investment, and plant scrap value distribution. Knowledge spillovers are essential to explaining the firm-level productivity evolution and the equilibrium market configuration. A R&D subsidy maximizes industry output and is broadly consistent with a past policy initiative of the Korean government.
期刊介绍：
First published in 1952, the Journal of Industrial Economics has a wide international circulation and is recognised as a leading journal in the field. It was founded to promote the analysis of modern industry, particularly the behaviour of firms and the functioning of markets. Contributions are welcomed in all areas of industrial economics including: - organization of industry - applied oligopoly theory - product differentiation and technical change - theory of the firm and internal organization - regulation - monopoly - merger and technology policy Necessarily, these subjects will often draw on adjacent areas such as international economics, labour economics and law.
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